Dion: Country expects loss

THE country is expected to incur costs up to US$85 million (about K170 million) per year due to earthquakes and tropical cyclones from 2009 to 2050.
Deputy Prime Minster Leo Dion predicted these figures after being briefed by senior officers of departments under his ministry.
Dion said it was important that there was effective co-ordination and adequate financing available.
“Papua New Guinea is expected to incur on average, losses valued at US$85 million per year due to earthquakes and cyclones.
In the next 50 years, Papua New Guinea has chances of experiencing losses exceeding US$700 million and casualties of more than 5,000 people.
 It also has 10% chances of further experiencing losses exceeding US$1.4 billion and casualties larger than 11,000 people, according to the Pacific catastrophe risk assessment and financing initiative report.
“It is, therefore, vital in our bid to be prepared and respond in a timely manner to any disaster, there must be effective coordination and adequate financing made available,” Dion said.